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(Solution) - On January 1 2008 Ron Shelley purchased a new tractor

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On January 1, 2008, Ron Shelley purchased a new tractor to use on his farm. The tractor cost $100,000. Ron also had the dealer install a front-end loader on the tractor. The cost of the front-end loader was $7,000. The shipping charges were $600, and the cost to install the loader was $800. The estimated life of the tractor was eight years, and the estimated service-hour life of the tractor was 12,500 hours. Ron estimated that he could sell the tractor for $15,000 at the end of eight years or 12,500 hours. The tractor was used for 1,725 hours in 2011. A full year?s depreciation was taken in 2008, the year of acquisition.

Compute depreciation expense for 2011 under each of the following methods:
1. Straight-line
2. Double-declining-balance
3. Sum-of-the-years?-digits
4. Service-hours


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This question was answered on: Jul 11, 2017

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